orlistat slimming pills side effects metformin dose range can you buy lioresal in ireland can i take levitra with high blood pressure medication glyset next day delivery health canada siberian ginseng mail order generic zyrtec generic moduretic in usa crestor canadian pharmacy norvasc 20mg tab do you need rx erexor erythromycin e s 400 mg tablets amoxil dose for strep 300 mg gabapentin (generic for neurontin) acai berry detox hollywood florida online generic mircette zoloft pharmacy prices letrozole vs nolvadex for gyno where can i buy cheap doxycycline cialis tadalafil cheapest online order phenamax canada voltaren pharmacy coupons bystolic dose for anxiety skelaxin without prescription generic decadron overnite shipping gnc erection enhancement differin purchase online wellbutrin sr drug in mexico pharmacy atorvastatin dosage morning what is pravachol the generic for malaria tablets and accutane cost of femara at walmart keflex suspension dosage where to buy revatio online uk buy cardura 200 buying snovitra super power using paypal lincocin australia pharmacy bactrim ds dosage for mrsa buy brand cialis 15mg online how does accutane work chemically cipro or levaquin for prostatitis buspar with no rx the sons of sol pharmacy house ep 1 eng sub doxycycline buy canada best place to buy silagra in india ordering low dose finpecia zoloft without prescription canada can you buy permethrin cream over the counter dapoxetine tablets on line to buy buy mexitil generic sale viagra soft tabs 100mg how long for procardia to take effect rosuvastatin vs atorvastatin vs simvastatin dipyridamole online price cost of zantac 150 generic penegra uk paypal do you need a prescription for viagra in ontario wellbutrin uk prescription synthroid reviews side effects cytotec no prescription needed reglan online pharmacy retin a cream acne boots retino-a cream 0,025 over the counter how much does maxalt cost seroquel without script ampicillin price india innopran xl coupons atorlip-20 cheap promethazine w/codeine vc over the counter disfuncion erectil causas tratamiento does diovan come in a generic form lloyds pharmacy hand held body composition monitor where to purchase evecare fda canada wiki what does zetia buy atacand 80 mg online sinemet lawsuit is it safe to buy pills from canada donde puedo comprar toprol xl order zyvox canada speman drug class para que se usa el orlistat levitra lowest price free coupon for emsam acai palm seeds for sale what is phentermine viagra ohne rezept apotheke kaufen colchicine online coupon code there generic grifulvin how to order generic viagra online zolpidem 10mg reviews altace overnight buy lozol indapamide phenergan noprescrition needed canada online pharmacy buyers of cipro canada buy avalide boots pharmacy keppra dosage children maximum lipitor pills sweat aspirin ordering online pharmacy proscar canada prescription viagra products tadapox over counter uk where to buy motrin online without rx generic form of lithium legal buy tofranil online canada albendazole salep lexapro generic costco birth control pills calan urispas tablets 200 mg what is the correct dosage of capoten geriforte syrup pill shortage zoloft 150 mg tablet discount pilex differin spain side effects of diclofenac sodium gr ec 50 mg generic blopress buy canada generic zetia buy canada what is ginette-35 made of remeron dose for insomnia buy cialis super active capsules levothroid discount medications zyloprim without insurance nitroglycerin pills effects atorlip-20 online usa chloromycetin uk next day delivery buy metformin paypal ordering low dose premarin thalidomide trust history no prescription revia sale gyne-lotrimin medication requip online shipping purchase triamterene without cheap prescription altace what is haldol drug zyloprim legal in england diclofenac on line no script best price for real penegra diclofenac sodium extended-release 100 mg florida panthers purim baclofen pump multiple sclerosis ginseng indiana dnr canadian glucotrol xl cheap approved diurex water pills uk order desyrel on line usa cost of wellbutrin xl in canada neurontin direct pharmacy comprar viagra farmacia side effects of claritin d non drowsy to buy anacin can buy viagra manila capoten on line no script tenormin how to buy exelon suppositories buy i pill cialis professional website long term side effects doxycycline hyclate compare prices diovan bupropion coupons lopressor iv dose us online pharmacy no prescription aspirin actos tablets diabetes calcitriol rocaltrol side effects cialis lowest price canada where can i get orlistat in leeds buy propranolol without a prescription from canadian pharmacy nymphomax drugstore.com kamagra online pharmacy uk synthroid online cheap to buy desyrel in uk inhousedrugstore.com female viagra order online zoloft in canada do i need a prescription for vasodilan brahmi gadi katha telugu movie online free where can i buy levothyroxine tablets mg order styplon online metoclopramide iv max dose blopress nebenwirkungen wikipedia can you buy requip online cheap colospa no prescription is generic rosuvastatin effective retail price of crestor calcium carbonate delivery relafen dosing information lopressor free shipping buy avalide online reviews buying brand viagra for dogs where to buy tetracycline acne viagra to buy zofran visa what is viagra jelly canadian pharmacy brand advair diskus by mail better than zaditor blood pressure medication side effects itching glycomet prix en pharmacie en france buy original cialis online where to toradol where purchase propecia dramamine tablets on line to buy generic pills for cafergot actoplus 15 500 purchasing dilantin online uk seroquel purchase in canada no prescription levaquin tablets zofran medicine price what is the retail cost of crestor safe online pharmacy reviews keflex cost without insurance tadalafil reviews trazodone online canada order effexor xr 37.5 mg cheap brand cialis buy mobiclip movies buy kamagra online celexa 10 mg anxiety prescription drug celebrex celecoxib nsaid abilify sublingual dosage birth control pills ortho tri cyclen lo what is the classification for glucophage where purchase lamisil tenormin cost canadian viagra sertraline bentyl medication uses dosage lopid shelf life citalopram pas cher italie clonidine no prrescription canadian online pharmacy for levaquin buy watson pain pills side effects of amoxil forte phenergan canadian medications without prescription indomethacin 50 mg gout where is rita ora from originally elavil with no rx prazosin brand positioning buy ranitidine quick order torsemide pill maxifort seeds in the uk side effects of diabecon what is orlistat tablets zofran roche precio argentina homes for sale by owner in allison park pa buy zyvox in india online cleocin gel lawsuit canada metformin hydrochloride tablets price best site to buy viagra forum generic drug for zyprexa where to get aygestin pct is there a shortage of cephalexin gerneric augmentin overnight can i order lady era no prescription in the usa pharmacy has best price doxazosin what is the correct dosage of diovan brand alli buy purchasing famvir online top 10 online plendil sites drugs similar to coversyl orlistat to buy online can you drink alcohol with azithromycin purchase tofranil pills risperdal phone orders viagra for women in india entocort discount voucher cipla generic products price list zetia without rx nizoral 1 shampoo amazon benicar comprare buy genuine robaxin uk avapro medication blood pressure brand pletal for sale where to get alliance pvp mounts shatavari churna price india dulcolax suppositories cheap ciprofloxacin hcl wikipedia reviews on cymbalta levothyroxine and weight loss supplements order effexor online without rx amoxil suspension shelf life trental tablets uses paxil lawsuit cafergot side effects chest pain purchase ventolin in canada buy phenergan tablets online nootropil by mail overnight without fedex accutane antivert 25 mg price amaryl generic for best place buy singulair nitroglycerin lawsuit what does promethazine 25 mg look like cephalexin no prescription compare prices benicar cheapest rate what does estrace do for infertility intrathecal baclofen pump for spasticity ortho cyclen generic names prednisone 20 mg oral tablet order alli dosage of phenergan for kids discount canadian pharmacy buspar orlistat 60 mg side effects tegretol generic for singulair online forum what does minocycline do to the body cost of phexin without insurance Purchase abilify 5mg prescription nootropil no prrescription cardizem billig kaufen order sildenafil citrate online food network canada live in italian contest buy micronase bulk diovan prices usa discount code for living deal buy online effexor xr generic over the counter olanzapine discount cleocin gel mg voltaren mg uk mail order generic hoodia where can i purchase zyloprim levitra plus tablets side effects compazine us cheap price overnight delivery where can i buy the abortion pill online what is adalat used for premarin sale can you buy tretinoin over the counter what does lithium react violently with femara tablets online order ditropan oxybutynin tablets buy novartis cafergot low cost overnight crestor generic zyrtec dogs buy oxytrol inhaler canada beconase aqueous nasal spray to buy kamagra oral jelly oder viagra zyvox for sale prescription fucidin cream generic name strattera copay coupons kamagra chewable paypal buy famvir astrailia generic viagra wiki buy genuine hydrochlorothiazide uk side effects of aldactone 50 mg list of common sulfa drugs can you buy nexium us online pharmacy no prescription fucidin billig precose online kaufen asthma treatment buy diamox us acetazolamide pharmacy dramamine on the internet lioresal and weight gain buy cefadroxil tablets usa buy lotensin with no rx neurontin delivery what is glyburide generic for non prescription asthma inhalers effexor xr canada head office how to take erythromycin for gastroparesis pyridium comprare western drug atorlip-20 topamax uk what is the generic drug for allegra d atarax 10mg price buy januvia lowest price flomax pharmacy mail order singulair 5 mg prices viagra suppliers in australia over counter medicine similar protonix doryx coupon activation comprar cholestoplex original en madrid glycomet online does walmart sell viagra over the counter lexapro generic dosage gabapentin 300 mg no prescription uk version of liv como comprar live gold side effects of bupropion hcl 150mg xl how strong is 100 mg viagra generic brands of accutane where to buy cheap generic actos betnovate discount voucher atacand plus and weight gain buy antibiotics online cheap epivir-hbv pills cheaper pill than yasmin buy minocin online in usa can you use fucidin cream on spots para que se usa el phenergan order lotensin from buying confido sildenafil citrate singulair tablets online pharmacy drugstore health concerns net ortho tri cyclen lo generic vs brand diltiazem order in the us prednisone 20 mg and alcohol consumption safe lamisil buy allegra over the counter dosage fexofenadine singulair online prescription lioresal delivery uk retin-a 0,05 next day como comprar torsemide rocaltrol to buy in england prescription drug assistance nexium is vytorin a generic drug buy generic pamelor online anafranil next day buy brand amoxil lowest price buying compazine using paypal best price lynoral aristocort low dose birth control cheapest generic cialis canada 1000 cool games for kids lov cost retin-a 0,05 buy motilium paypal accepted confido tablets review lukol online pharmacy uk list of tesco stores selling elimite voveran sr on the internet maxalt from usa trental 400 uses exercise induced asthma xeloda tablets purchase on line cafergot no prescription lowest price ralista what is tamoxifen used to treat where can i buy cipro xr hydrochlorothiazide with no perscription side effects of viagra yahoo answers brand name glucophage online buy liposafe online with no prescription zovirax cold sore cream pump flagyl discount price assert cloridrato de sertralina prec,o altace on line for sale no script omifin para que sirve minomycin for acne does it work zetia ordering no prescription ephedraxin pharmacies erexor pills tadapox drug store online buy sinequan generic dove comprare kamagra sicuro mail order generic maxalt bactrim reviews side effects can i buy viagra legally online generic kamagra soft uk paypal is buying accutane online safe sale erythromycin retino a cream uses buy cytotec online usa minocycline for men in usa where to buy acai lipo in canada buy viagra soft no prescription cuantas pastillas cytotec se deben tomar para abortar generic avodart usa pharmacy generic name for crestor what is fosamax tablets will accutane help acne scars blepharitis doxycycline dosage buy premarin pills online dilantin on line purchase all types neurontin pills suprax next day delivery buy remeron 100mg online rumalaya gel lawsuit canada ultra low dose levitra buy retin-a 0,05 no prescription apcalis sx daily use reviews buy optimmune canada will femara cause weight gain ditropan drugs for sale buy benzac 80 mg online side effects of femara used for infertility altace for sale australia who is canadian health minister mentat ds syrup phone orders where is protonix manufacturer trazodone by mail order is wellbutrin sr a prescription drug buy liv no prescription what is floxin otic solution used for free or low cost pravachol order coreg lowest price trusted online pharmacy for clomid voveran tablet dose levitra plus fort viagra generic lexapro canada pharmacy cialis dallas texas zithromax online shipping alli medicine price craigslist usa boston clomid birth control online canada how to get nitroglycerin runescape hoodia gordonii reviews side effects acheter pas cher brahmi cafergot over the counter keflex tablets uk seroflo bonus pills unisom on line for sale no script prograf 40mg dostinex for purchase without a prescription alli diet pills discount voucher price increase nootropil
Home Maury Brown Editorial: Citigroup Walking Away from Mets Naming Deal Isn't as Easy as it Seems

Like Shoot to Thrill - An AC/DC Tribute on Facebook!

An authentic tribute of AC/DC that covers the best of the Bon Scott era and the best of Brian Johnson's material

Who's Online?

We have 447 guests online

Atom RSS

Editorial: Citigroup Walking Away from Mets Naming Deal Isn't as Easy as it Seems PDF Print E-mail
User Rating: / 7
PoorBest 
Written by Maury Brown   
Wednesday, 26 November 2008 10:24
Citi Field Cartoon

 

As you may have heard, banking giant Citigroup has been hit with a round-house punch by the economy, and is getting rescued by the federal government. The company's value has dropped in half over the last week, and Citi announced that 20 percent of their workforce -- 53,00 workers, are to be laid-off.

According to a bail-out plan by the Treasury Department, Federal Reserve and FDIC, Citigroup and the Feds, a pool of approx. $306 billion in troubled assets need to be addressed, with Citi taking on approx. $29 billion and the taxpayers getting saddled with the rest. 

And, as you may have also heard, Citigroup is engaged in a long-term naming rights deal with the New York Mets for their new $600 million stadium set to open next year. The rights deal – the largest in U.S. sports history – is for $400 million at $20 million annually over 20 years.

With the two issues (Citi’s collapse and the naming rights deal with the Mets) understandably, questions arise about priorities.

The unfortunate matter is, the deal between the Mets and Citi isn’t always being viewed from every angle.

That doesn’t mean that politicians and other interests aren’t willing to jump in with both feet before considering the matter in full.

Maybe they are well meaning, but word yesterday is that two New York City Council members believe that with the bailout, the name on the Mets new stadium should be reconsidered. Staten Island Republicans Vincent Ignizio and James Oddo say the ballpark's name should be changed to Citi/Taxpayer Field.

To add to the political fodder, Rep. Elijah Cummings (D-Md.) said, in a statement Monday, "This type of spending is indefensible and unacceptable to Citigroup's new partner and largest investor: the American taxpayer."

Understandably, Mets COO Jeff Wilpon and reps from Citigroup declined comment.

I’m here to say, good for them.

First off, can we all agree that jobs are more important than a name on a stadium.  Few, if any, would dispute that. But, dissolving or restructuring the deal isn’t as easy as it seems.

Citi negotiated the deal with the Mets in 2006 when the economy was stable, and revenues for marketing were plentiful for the banking giant. With the Yankees saying that they would not offer up the naming rights for their new stadium, interest was high to get the rights for the Mets stadium, given the New York market.

The sponsorship market is a far different world now.

The Mets would certainly sue Citigroup if they attempted to back out of the deal. Trying to find a corporation to pick up the naming rights would be tough, but reaching $400 million would be a near impossible feat given the sour state of the economy.

From the Mets' perspective, why should they be punished? As the saying goes, "A deal's a deal."

Citi, ergo the taxpayers, would wind up footing the bill for a legal battle. A source close to the Mets reports that the deal with Citi allows for little wiggle room for Citi to back out.

“It’s binding. There’s little doubt that Citigroup would have difficulty walking away from the deal.”

And therein lies the problem.

In the often up-is-down world of business, Citi may be saying, “We can pay $20 million a year, and get some face time with the name Citi Field. Or, we can pay for a legal battle that we could easily lose, and wind up paying for most of the agreement anyway, without the benefits.”

This isn’t to say that there aren’t options beyond all or nothing for the rights agreement. Here’s some possible scenarios that could play out:

Citigroup merges or is purchased – There has been talk that Citi may be sold outright or that they could be part of a merger. In that case, the name could shift from Citi Field to “ Field.”

The Deal Gets Backloaded – Much like the flexible mortgage rates have caused the economic woes in the housing sector, the Mets and Citi could restructure the deal with the amount of installments lessened early on, with annual payments escalated over time.

Citi Takes the Lumps and Walks Away – A long-shot, but an option: Citi and the Feds tell the Mets that they’ll offer up a large up-front payment on the total agreement, throw in some extra for monetary damages for not fulfilling the total amount, and walk away. This type of deal would most likely come with pressure from the government.

The Feds Kill the Deal Entirely - This is the one option the Mets fear most. With so much federal money coming Citi's way, the government could simply dissolve the deal all together. What recourse the Mets would have is unknown, although suing the government might be an option.

As mentioned, the deal between Citigroup and the Mets isn’t as easy as it seems. It also isn’t as if the Mets are standing back and not worrying that their golden goose isn’t in peril. For months, sources inside the organization have said that the Mets brass have been worried about the deal unraveling.

We said last week, it may be that nothing short of a total collapse by Citigroup will derail the record naming rights deal. That was before the government said they would bail them out. It seems a near certain bet that the biggest naming rights deal in U.S. history will become the most talked about in the weeks and months ahead.


Maury Brown

Maury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey. He is contributor to Baseball Prospectus, and is available as a freelance writer.

Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network.

Don't forget to register and log in on The Biz of Baseball site to get updates via your in-box, and see information only logged in members can see.

 
 
Banner

Poll

Should MLB Force Jeffery Loria to Sell the Marlins?